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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 90. Council of Bond Oversight |
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Chapter 10. Administration of the Oklahoma Bond Oversight and Reform Act |
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Subchapter 1. General Provisions |
SECTION 90:10-1-4. Additional definitions
Latest version.
- The following words and terms, when used in this Chapter, shall have the following meaning, unless the context clearly indicates otherwise:"Act" means the Bond Oversight and Reform Act, 62 O.S., Section 695.1 et seq."Applicant" means the State or Local Governmental Entity making application to the Council for approval and/or with respect to the reporting requirements specified in these rules."The Committee" means the Program Development and Credit Review Committee established pursuant to Title 74, Section 5062.6a."Formal preliminary action" means Board or Agency adoption of an inducement resolution or obligation resolution."Issued" or "Closed" shall have the meaning provided in 62 O.S., Section 695.23 (11)."Lease purchase" means an agreement by which a party pays the owner of tangible property for the right to use the property, and the party also obtains the right or option to purchase the property. If the option to purchase the property in a lease agreement is only the option to purchase the property for equal to or greater than the fair market value of the property, with no credit given to the lessee for prior lease payments, such an agreement shall not be considered an "obligation" for purposes of the "Act". It shall further mean lease agreements where the state governmental entity has the contractual right to occupy the premises for no consideration or nominal consideration after making lease payments for a period of time, whether or not the state governmental entity has an option to purchase or acquire the property. It shall also mean lease agreements where the lease payments are paid to a political subdivision, trust authority or similar entity, and the payments are used to solely retire a debt or obligation of the political subdivision, trust authority or similar entity."Obligations" means revenue or tax-supported bonds, certificates, lease purchase agreements, note, debenture, loan or other evidence of indebtedness of a state or local governmental entity with a maturity longer than 12 months or a maturity which encompasses more than one (1) fiscal year, regardless of whether such obligations are subject to annual governmental appropriations."Plurality of persons" means at least three persons or firms as well as any firm or person who has contacted the issuer and requested to be placed on the mailing list for Request for Proposals. [62 O.S., Section 695.7(C)]